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Consumers need us more than ever. As their needs are changing to adapt to the “new norm,” they are building new routines and discovering new pain points that in turn create new opportunities for us to serve, support and delight.

In this episode of the Real Food Brands Podcast, host and Natural Food Brand Strategist Katie Mleziva talks through the Elements of Value pyramid, and how it can help you get more clarity about what you’re really selling and why it matters to your ideal consumers.

Start with the Three C’s

As always, your brand strategy starts with the three C’s: Competitors, Consumers, and Company. That’s how your company leverages its unfair advantage to serve your consumers in a way that your competitors can’t or won’t. In the Venn diagram below you can see the three C’s…you’re looking for the spot where your company and your consumers overlap, but your competitors are left out.

“Some brands may be totally revamping their brand strategy right now, but most brands don’t need to do a total revamp,” Katie says, “they just need to revisit the consumer needs and competitive landscape, along with how the company can shift to meet those needs while being true to your vision, values, and overall strategy.” For those that do wonder about if a brand refresh or total rebrand is in order, check out Episode 54 – 6 Signs You Should Rebrand Your Food Business.

The Elements of Value Pyramid

One tool that can help you sort all of this out is the Elements of Value pyramid. This chart is from a Bain & Company study that was published in the Harvard Business Review in September 2016. While published a few years ago, the study is still very relevant today as it looks at the factors beyond price that drive value. These factors create purchase intent, which leads to an actual purchase and consumer loyalty, assuming all the other factors of pricing, distribution, etc. are lined up.

Going through this exercise can help you identify what benefits you are really selling beyond the actual product itself. This is a key piece of building your brand – driving value. Otherwise you can easily become a commodity product competing on price. This pyramid can also help you identify areas where you might have an opportunity to serve your customers that your competitors are missing. “This is really important, especially now, when consumer motivations and habits are shifting and we’re finding a new normal,” Katie says. In the episode, Katie walks you through the different layers of the pyramid to explain how each element works in context, but here is the pyramid so you can start to understand the layers and relay it to your business in the exercises below.

Exercises to Put the Elements of Value into Action

As far as how to put all of this into action, the first step is to observe what elements of value you’re already bringing to your customers today. Then, take a look at the pyramid to see if there are any elements of value that your customers would want from you that you aren’t already offering, but are in line with your brand strategy and could add value.

Katie’s second exercise is to start listening: what are the words that your customers use when they leave reviews, write comments, or send you emails? What are their pain points? How are they spending their time? In short, what is the motivation behind their comments?

Once you identify what you think your drivers of value are, you can compare that to your brand story and your messaging. Do your communications current hit on these key messages to address your consumers’ wants and needs? You’ll find you have a lot more clarity about what you need to communicate and how to do it, once you figure out what brand benefit you’re really selling versus just a product.

If you want more on this topic or defining or refining your brand strategy, Katie is offering 1:1 strategy sessions for a limited time. To learn more, please send Katie an email at katie@realfoodbrands.com or a DM on instagram @realfoodbrands.

Now, let’s go shake up shopping carts!

In This Episode:

  • A reminder about the three C’s: Competitors, Consumers and Company – and how Katie suggests using this concept to set your brand apart.
  • Why most brands don’t need to revamp their entire brand strategy right now.
  • How to use the Elements of Value pyramid from Bain & Company to identify your consumers’ motivations and desired benefits.
  • Why the Elements of Value are so important to identify what you’re really selling so you can serve your consumers and build brand loyalty.
  • The two exercises Katie recommends to help you put the Elements of Value pyramid into action for your food company.

Quotes:

“How has the quarantine situation changed what life looks like in terms of needing to save time, or simplify, or connect? And how can your brand serve those needs and add value to your consumer?” – @RealFoodBrands

“Consumer motivations and habits are shifting as we find a new normal.” – @RealFoodBrands

“Some brands may be totally revamping their brand strategy right now, but most brands don’t need to do a total revamp—they just need to revisit the consumer needs and competitive landscape, along with how the company can shift to meet those needs while being true to your vision, values, and overall strategy.” – @RealFoodBrands

“It (your strategy) can’t feel unfocused or confusing because we all know that if you are not clear, you’ll lose people.” – @RealFoodBrands

Resources:

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